Getting Started With Bitcoin – A Primer

Getting Started With Bitcoin – A Primer

Bitcoin has been in the news. It’s being mentioned on popular television shows, including ‘The Blacklist’ among others. What exactly is Bitcoin? How does it work? And most importantly, how can you get your hands on Bitcoin?

This blog post is a simple primer on Bitcoin. Keep following my posts over the next several weeks as I will be teaching you how you can get Bitcoins (as well as alternate coins) and make some extra cash with just a little effort. I will also be providing you with tips and experiences so that you can get the most out of your Bitcoin adventures. Now, let’s get started.

What is Bitcoin?

It has been said that Bitcoin is gold for nerds. The currency was created in 2009 to offer an anonymous and private way to make transactions. The Bitcoin currency is decentralized. They are transferred between individual users so there are no middle-men: no banks or clearinghouses are involved. This does have it’s downside as Bitcoins are uninsured and transactions are irreversible. On the plus-side, transaction fees are minimal.

The value of a Bitcoin can and does fluctuate. Last year around this time one Bitcoin was valued at $14. During November 2013 the value skyrocketed to a high of $1,124 / BTC and now is hovering between $820 and $920 per coin.

How Can I Get Bitcoin?

Here are four quick ways to get some Bitcoin rather quickly.

Bitcoin Faucets: The amount you will gain for your time spent is so miniscule that I highly recommend you avoid this method altogether.